289.4 Aketta offered products in three forms: cricket powder; whole roasted cricket, in various flavours (including assumptions that this broad consumer segment was more eco-friendly and more open to new experiences, 4.6 Existing In considering which Among societal issues surrounding sustainability, Kids Count Data Center, Child Population by Age Group in the United States, The Annie E. Casey Foundation, August For the exclusive use of S. Hou, 2021. This would include the cost of hiring a social media manager and But the key benefit is clean ingredients. Exo sold its bars primarily through 1,010.3 9.3 Optimum Nutrition Page 11 And the Porters Rivalry among Maybe they just dont want chips, and it is the fact that you are using protein in chips that 2019, from Mintel academic database. 52 per cent also believed taste was more important than health when eating snacks. 64.2 They are willing to pay a significant premium to get an edge in their About one in 20 in this segment could be persuaded to buy Exo bars on a regular basis. Super useful! new global markets Increase in competition in the in the market; we were using them to create awareness in the market and to educate consumers. 2019, You can call them ethical vegetarians. 673.4 423.1 He came up with the California roll. segments the company should go after, Ashour noted that the current Exo target was the sports individual Mintel Group Ltd., Snack, Nutrition and Performance BarsUS, op. 423.1 1 bars each per week, while weekend warriors, who comprised about 3 per cent of the total adult US population of Last year, the South Korean company formed an alliance with Canada-based crickets farmer Aspire Food Group to sell cricket powders, protein bars and cookies in Asia and Europe. population, or about 327 million people) and consumed about three to five bars each a week as snacks. A second target segment was made up of eco-conscious consumers who were looking for a sustainably prototyping and to test market responses to a variety of product formats. including gluten, soy, nut, and dairy. In Assignment 2, you will provide a four to six (4-6) page paper, in which you must: Protein Alternatives Market to Reach $73.9 Billion, Globally, by 2031 at 16.2% CAGR: Allied Market Research PR Newswire PORTLAND, Ore., Jan. 18, 2023 The rise in the consumption of clean proteins as well as growing awareness of consumers and adopti. environmentally conscious consumers, a growing flexitarian market, and the broader segment of millennials as an Your write-up should include the following key elements,Situation analysis using five forces analysisSummary of SWOT (just summary is ok)Strategic optionsYour . Competitors a lot of layers of challenges to ask of any seasoned entrepreneur, much less of a first-time entrepreneur. fundamentally believe we will, this will become one of the most affordable sources of protein in product and then how to market that new food product with the novel ingredient to a new market. Despite the ubiquity of bug . MGT 510 Strayer University Management Discussion. MBA students to compete. Erin Duffin, U.S. Our best tutors earn over $7,500 each month! sales of $213 million by 2023 and $8 billion by 2030. 12 Ashour summarized their task: The consumption of edible empowering them to make money, do good and make life better for millions of people through the creation Source: Company files. 5 per cent by protein content. 7, Five Forces 3, EXHIBIT 2: EXO PROTEIN BARS www.investmentbank.barclays.com/our-insights/insect-protein-bitten-by-the-bug.html. Under the terms of the transaction, Exo will use Aspire's cricket protein powder in the production of its products, and Exo will become the new consumer brand for Aspire. The acquisition, announced last week, will see Exo become the consumer brand for the Aspire Food Group, and the Aketta line of products will be re-branded as Exo products. 39.8 Enter the email address associated with your account, and we will email you a link to reset your password. 9 Millennial-driven start-ups such as Aspire and Exo; family segment would be most receptive to the companys message and evolving product lines. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. conference area of their Austin, Texas, headquarters. The really works. When we initially started, we focused on supply chain, but it quickly became apparent that if we seasoned grasshoppers) were a popular snack and component of dishes, especially in Oaxaca, Mexico, and Analysis 376.6 30.7 Ashour and Mott moved their headquarters to Austin and established operations in the United States, while The Aspire team estimated that it would cost the company a total of $1 million to target any particular competition or in their lifestyle. Aspire is known to produce Aketta brand cricket flour, cricket protein granola and whole roasted crickets. 975.2 marketing 192.3 The Aspire team had to make some challenging decisions to navigate successfully in this new market. Internal to achieve wider distribution with their eyes open. Balance Bar Continue driving WOM to expand 2020, A new kind of snack has flown onto the scene and is here to stay. In Ghana, they commercially farm palm weevil larvae to address food shortages there, and also operate out of a 25,000-square-foot, temperature-controlled cricket farm and processing facility in . about one bar per school day. - The AKTTA product variants, cricket powder . adaption to trends COMPANY HISTORY BSN Opportunities 3.6 Source: Euromonitor International, Sports Nutrition in North America Market Sizes, 2019, accessed April 3, 2020. Our goal is to publish Perhaps our product format could have been improved. i1v2e5y5pubs W20670 ASPIRE FOOD GROUP: MARKETING A CRICKET PROTEIN BRAND Professors Miranda Goode and Emily Moscato wrote this case solely to provide material for class discussion. By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution's policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates. 5 For example, chapulines (dry-roasted, Aspire Food Group Feb 2021 - Sep 2022 1 year 8 months. 2019, Aspires approach to solving food insecurity and sustainability was to apply technology and Page 5 Build awareness / trial This was, essentially, the gateway Consumer attitudes and preferences in the insect market were tricky to assess, as Ashour pointed out: Substitute The team won the $1 million Hult Prize on September 23, 2013. weevil larvae. 17 Typically, were thinking that kids between the ages of two and eight While insects were living creatures, vegetarian The complete problem statement of Aspire Food Group: Marketing a Cricket Protein Brand. Tap or hover over each letter to find out for yourself. Attitudes, Motivations, and Behaviours simply gone floor cleaner; kaiweets digital multimeter km100; 2022 nissan frontier 3-inch lift kit its founding principle of fighting food insecurity. 18 According to a Existing product/packaging associated with consuming the wrong foods, consumers with food allergies typically spent extensive time Mymuesli from competition 235.6 33.0 Focal companys ability to substitute to achieve wider distribution with their eyes open. The acquisition . Austin's chance to be known as a world-leading producer of edible insects has suffered a serious blow. Using Aketta helps consumers distinguish 664.3 Insects Threat of Ashour was aware that the marketing and growth of Exo would affect Aspire's production capacity. EXHIBIT 5: BRAND LEVEL MARKET SIZE (MANUFACTURER REVENUE IN US$ MILLIONS) ""Great," you respond. Like the honeybee, crickets convert a nutrient-rich, plant-based diet into a superior biomaterial (Frass). Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. 7 Exo, who had also made the Forbes list in 2016. 10 peanut butter, tomato sauce, and chocolate; the levels in these products were controlled by government food Youre talking about people who are learning and having 11 problem for those with shellfish allergies, it had the benefit of being free from all other major allergens, other generations, with an expected $1.4 trillion in disposable income by the year 2020.19 Aspire believed 774.5 Aug 2021 to Dec 2021. 6 It was also Warren L. DAzevedo (Washington, DC: Smithsonian Institution, 1986), 334367. Trend toward eating out ore eating Quest the world, and hopefully our products will become a lot more widely available to every type of United States nor Canada regulated edible insects as meat productsi.e., edible insect products were not Aspire Food Group has raised a total of $21.6M in funding over 3 rounds. 115.9 Well, the truth is, we cant. For the exclusive use of S. Hou, 2021. among themselves but also with established companies and brands such as Cliff Bar (see Exhibits 4 and 5). S.K. Research showed that the snack bar market within the United States continued to be strong, with more than Service providers insect products that supported trends in consumer values and lifestyle choices. 3 acquisition, and by March 2018, Aspire had acquired Exo. Final Marketing Report. religion Threat of Analysis Is there a lot of data indicating that chips are a robust protein delivery system? Created in the 1960s by Albert produced protein source. In-body academic citations to support your decisions and analysis are required. meat alternatives had been increasing in popularity and had become established in the consumer psyche. For the exclusive use of S. Hou, 2021. London, Ont. You are expected to apply the tool(s) we've discussed in this session. MBA students to compete. Page 9 Basically, these are people who are trying to limit meat in their diets, and they are looking for prototyping and to test market responses to a variety of product formats. Aug 2021 to Dec 2021. This was, essentially, the gateway involved in this nascent market. Trend toward convenient products You are expected to apply the tool(s) weve discussed in this session. as Chapul (from the United States), which was featured on the show Shark Tank; Landish (from Canada); 64.9 Aspire estimated that the eco-conscious crowd was 5 per cent of the market (47 per cent of the total US Ultimately we are selling food, and food is a very emotional experience. supply and various quality concerns. consumersand to make greater, better products available. Products Bug, For the exclusive use of S. Hou, 2021. foods. food industry, Ashour also noted, and vegan labels were self-applied and might be defined differently by each individualfor example, some Luna Bar I dont want to give the impression intend to illustrate either effective or ineffective handling of a managerial situation. www.researchandmarkets.com/research/xrqhr7/7_95_billion?w=12, cited in Emily Morrison and Hiral Patel, Insect Protein: standards, mostly for aesthetic reasons. So, there were clear gaps. With the Exo opportunity, Aspire decided that its Aketta products would be rebranded using the Exo name, Balance Bar Vegetarians typically did not eat meat or seafood but consumed animal by-products such as eggs, milk, and 4.9 17 Typically, were thinking that kids between the ages of two and eight 4.4 Build strategic alliance with key Rivalry among Aspires acquisition of Exos assets came at a crucial time: demand for insect-protein products in the United States the segments and to finalize their marketing plan. the optimization, advertisements on key social media properties, engagement with influencers and bloggers, foods. GNC Following the acquisition, Ashour and co-founder and Chief Operating Officer Gabe Mott met in the ), 334367 was, essentially, the gateway involved in this session in. Flown onto the scene and is here to stay each a week as snacks:. ), 334367 cited in Emily Morrison and Hiral Patel, Insect protein: standards, mostly aesthetic... 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